New Delhi: Health technology company Neurosynaptic Communications Pvt. Ltd raised an undisclosed amount in series A round of funding from Healthquad, Indian Angel Network and Axilor Ventures, the company said in a statement on Wednesday.
Investors from Healthquad and Indian Angel Network will be joining the board of the company.
In 2014, the company had received strategic investment from e-Zest Solutions Ltd.
Neurosynaptic will use the funds for product development, international certifications and expand in existing regions as well in international areas.
Founded in 2002 by Sameer Subhash Sawarkar and Rajeev Kumar, Neurosynaptic has developed a cloud-based, point of care diagnostic equipment and telemedicine solution called ReMeDi (Remote Medical Diagnostics), which enables remote healthcare delivery.
The product provides video and audio connect between patients located in rural areas and remotely located physician for clinical advice and simultaneously diagnoses the patient with point-of-care medical devices. ReMeDi provides primary diagnosis, screening, physiology, blood tests among 35 point of care services.
“We are looking at exciting times ahead. The soon-to-be-launched ReMeDi-NOVA (an upgraded version of the existing product) and pay-per-use model with cloud, mobile technologies, UX and analytics, shall revolutionise the last-mile healthcare access,” said Sawarkar in a statement.
The company claims to have reached over a population of 50 million since inception by deploying its ReMeDi solution in over 2,000 villages across India. The product can be used by hospitals, clinics, governments and non-governmental organisations.
The company plans to further expand in India as well as launch products and scale up in south Asia, south-east Asia, Africa and the Middle East.
According to data provided by Tracxn, a start-up tracker, telemedicine sector raised over $6 million in funding across nine deals in the first half of 2016 ending June.
The company said in a statement that the global telemedicine market is expected to hit the US$ 35,500 million mark by 2020 growing at a compounded annual growth rate of 15%.